CHENGDU, China, Dec. 13, 2023 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced the operating metrics for its proprietary online ride-hailing platform for the month of November 2023. In November 2023, Senmiao and its affiliates recorded more than 0.48 million total completed orders, compared to approximately 0.57 million total orders completed in October 2023. The decrease was primarily a result of reduced demand for online ride-hailing services in a softer economic environment, as well as the ongoing impact of the compliance checks by Gaode, Senmiao's online ride-hailing platform partner under the original model1, in Chengdu, one of the main cities where Senmiao operates.

Numbers reported include the number of completed orders from several ride-hailing platform partners in Chengdu, utilizing Senmiao's network of cars and drivers for a set monthly fee.

Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 25.8 million rides have been completed using its own platform. More than 9.1 million rides have been completed on several platforms in partnership with Senmiao under the new model3. The number of drivers completing rides via all the platforms (known as Active Drivers) in November 2023 was 5,240, compared to 5,903 in October 2023.

The table below presents approximate unaudited operating metrics of Senmiao and its affiliates' online ride-hailing platform since the launch in October 2020.

1 Under the original model, orders coming from partner platforms are completed by Senmiao's own platform. A rider can search for taxi/ride-hailing services on Senmiao's partner platforms, which then provide the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, the order will then be distributed to registered drivers on Senmiao's own platform for viewing and acceptance and then completed by Active Drivers. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.

2 Under the new model, orders go through partner platforms but do not utilize Senmiao's own platform. Online ride-hailing requests and orders will be completed on the partner platforms utilizing Senmiao and its affiliates' network of cars and drivers for a set monthly fee.

3 New model commenced in August 2021.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services, as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China.